The brewer yesterday said its net profit was Sh5.6 billion in the six months to December 2016, down from the Sh7.7 billion reported in a similar period last year. However, without the one-off Sh2.2 billion sale of Central Glass Industries (CGI), the brewer said its net profit from operating activities rose marginally by 2 per cent, to Sh5.6 billion. Excise tax has affected our customers’ ability to afford our products,” EABL Chairman Charles Muchene said at a media briefing yesterday. Its mainstream beer, that include its flagship beer Tusker and Bell, recorded a 7 per cent decline. Cowan said the Government’s decision to impose the excise tax had not resulted in an equivalent rise in tax revenues.

Source: Standard Digital January 27, 2017 16:36 UTC